BEIJING: Chicago soybean futures edged higher on Thursday but remained near an 11-week low as favourable U.S. Midwest weather and selling pressure weighed on the market.
The most active soybean contract rose 0.05% to $10.19 per bushel, following four sessions of consecutive losses.
Warm, rainy weather has created ideal conditions for soybeans and corn crops.
Selling pressure ahead of the first notice date for the July soybean, wheat and corn contracts added to the bearish tone.
In Brazil, the National Energy Policy Council (CNPE) on Wednesday approved increasing the level of biofuels mixed into fossil fuels. The move could boost domestic demand for soyoil as a key biofuel feedstock.
Corn dropped 1.16% to $4.05-4/8 a bushel, hitting its lowest level since October, pressured in part by expectations of a large Brazilian crop.
Chicago soybeans rebound after early pressure from weaker soyoil; corn, wheat dip
Wheat eased 0.05% to $5.44-2/8 a bushel, weighed down by ample global supply outlooks and favourable weather.
Agricultural consultancy Sovecon said on Wednesday it had slightly raised its forecast for Russian wheat production for 2025 to 83.0 million metric tons, citing improved crop conditions in parts of central Russia.
Traders are watching for the U.S. Department of Agriculture’s crop progress and quarterly stocks reports due Monday.
Commodity funds were net sellers of Chicago Board of Trade corn, soybeans, wheat and soymeal futures contracts on Wednesday, traders said. Traders were net buyers of soyoil contracts.
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